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First Time Home Buyers: Isn't it Time to Buy a House on the Main Line?

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Real Estate Agent with Long & Foster - Wayne/Devon, Pennsylvania

 

For first time home buyers now is the perfect time to purchase a home on the Main Line. Currently the Main Line real estate market has a large supply of homes and few buyers; therefore the likelihood that you will be competing with another buyer for the same house is slim. In addition, you can get a lot more house for your money than you could a couple of years ago due to low interest rates.  Combine these all together and you have the perfect first time home buyers' market. Besides the purchase price of the house, few things affect your payment more than the interest rate and interest rates are at historical lows. When interest rates are low you are able to purchase more home for the money. If you are concerned about getting a loan, don't worry. If you have good credit, there are plenty of banks willing to give you a loan and for those whose credit is questionable or don't have a large down payment there are FHA loans readily available. For a FHA loan, the home buyer just needs to know that he/she will have to provide more documentation than usual and that he/she needs at least 60 days to close on a house since it takes approximately 30 days to get the loan approved. The government is even helping out by offering first time home buyers a new tax credit. The first time home buyer will be credited 10 percent of the purchase price of their home or up to the maximum amount of $7,500. For those first time home buyers who want to live on the Main Line because of its proximity to Philadelphia, its great schools and its great towns such as Wayne, now is the time to buy.

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Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Sarah,

a great time to buy period.......let the festivities begin!

Nov 05, 2008 07:27 AM